E-resolution for payment dispute by Sept: NPCI

The National Payments Corporation of India (NPCI) has asked all banks, payment service providers (PSPs) & third-party application providers (TPAPs) to implement an online dispute resolution system by September 2022, failing which it will ban the onboarding of new customers.

The corporation has also asked all Unified Payments Interface (UPI) participants to make available international merchant payments through the platform before September. If this is not done, the corporation will impose penalties. The NPCI has been working with offshore entities to promote acceptance of UPI by overseas merchants. Last year, it had partnered with Liquid group in Singapore to enable UPI QR-based payments’ acceptance in 10 markets.